The Middle East and Africa (MEA) were among the emerging insurance markets (excluding China) that exhibited above-trend growth in 2024, according to Swiss Re Institute (SRI) in a report on global insurance developments.
Personal safety is the leading concern of UAE travellers -- cited by 44% of respondents to a travel survey -- followed by fears of extreme weather events, financial constraints, and flight disruptions.
Commercial car insurance premium rates have increased by more than 300% since the beginning of the year. The spikes in motor premiums affect all vehicle categories, large and small as well as those of high-value and medium-value
The Dubai International Financial Centre (DIFC) has announced that Advantage Reinsurance Management, a managing general agent, has joined the growing community at the financial hub.
The Orient insurance group's prudent approach to risk selection and focus on profitability over top-line growth will sustain its very strong technical performance over the medium-term as the group navigates challenging market conditions, including high competition, according to AM Best.
Union Insurance Company has taken steps to strengthen its financial position, according to a corporate statement.
One of the most notable transformations in the UAE insurance market in recent years has been the growing awareness of insurance and the realisation that insurance is more than just purchasing a policy, according to Union Insurance's CEO, Mr Ramez Abu Zaid.
Union Insurance Company will be reducing its capital by 30.50% to AED230m ($62.63m) from AED330.93m to offset accumulated losses amounting to AED142.75m, the company said in a statement lodged with the Abu Dhabi Securities Exchange.
The UAE's auto insurance sector has seen a significant increase in premiums, exceeding 40% in some cases, raising questions from the Federal National Council, a consultative council whose functions include passing, amending or rejecting federal draft laws and discussing international treaties and agreements. Some insurers are charging double for third-party cover and imposing deductibles of up to 15%.
The UAE government has set a new Emiratisation strategy for the years 2027-2030 which targets Emiratisation rates of 50-60% at insurance companies, depending on company size.